Real REMAX 集團 (REAX) 2026年第三季法說會：綜效推升 EBITDA，確立2027年展望

Real REMAX Group (REAX) 在 8 月 24 日收購 RE/MAX 後，公布了合併後的首份季度財報。本季度包含原 Real 業務的完整期間業績，以及自 8 月 25 日起計入的 RE/MAX 業績貢獻。

重點摘要

• 2026 年第 3 季營收年增 28% 至 7.28 億美元。擬制合併營收成長 20% 至約 7.7 億美元。
• 調整後 EBITDA 成長 66% 至 3,400 萬美元。擬制調整後 EBITDA 約為 5,000 萬美元。
• 該公司已落實超過 4,000 萬美元的年化總成本節省措施，其中包括直接有利於調整後 EBITDA 的 2,800 萬美元以上效益。
• 截至季末，Real 的房仲經紀人人數年增 21% 至 36,600 人，完成交易單邊數成長 17% 至約 62,700 筆。
• 管理層發布 2027 年財測，在房市將進一步萎縮的假設下，預估營收為 26 億至 28 億美元，調整後 EBITDA 為 1.75 億至 1.9 億美元。
• Leo Pro 在推出數週內即吸引約 5,600 名用戶，截至法說會問答環節，其中約有 3,500 名付費經紀人。

關鍵財務數據

營業損失與淨損失包含了 7,870 萬美元的非經常性 RE/MAX 收購費用。其中包括 5,230 萬美元的交易相關費用與資遣費，以及 2,640 萬美元因員工解僱而加速認列的股權激勵費用。

業務與營運表現

Real 的房仲業務持續擴大市占率。季末經紀人人數達 36,600 人，年增 21%，完成交易單邊數成長 17% 至約 62,700 筆。

管理層隨後移除了 1,000 多名已離開該產業、執照過期或未繳納 MLS 會費的經紀人。這使得 Real Brokerage 截至法說會當週的經紀人人數減少至約 36,200 人。管理層表示，離職人員主要集中在沒有業績或營收貢獻極低的經紀人。另有 300 至 400 名經紀人正在接受審查。

RE/MAX 的加盟網絡呈現區域走勢分歧。以擬制基礎計算，美國與加拿大的經紀人人數年減 3% 至約 72,100 人；美加以外地區的經紀人人數則成長 4% 至約 76,000 人。

整合行動已使合併後的員工總數減少超過 14%，即裁減超過 150 個職位。該公司還在整合技術系統、供應商合作關係以及上市公司相關成本。

Real REMAX Group 正在結束表現不佳的業務，包括 Motto Mortgage 和 wemlo。在 8 月底營運的 151 家 Motto 辦事處中，有 104 家在兩個月內關閉，加盟網絡中 92% 的據點正走向終止。管理層指出，原 RE/MAX 房貸業務在 2025 年合計產生了 500 萬美元的調整後 EBITDA 虧損。

在 Real Wallet、One Real Title 及被收購業務的帶動下，其他營收成長 64% 至 530 萬美元。不過，在房貸利率上升的背景下，One Real Mortgage 營收疲軟抵銷了部分增幅。房貸搭售率仍低於 1%，而產權保險搭售率約為 3%。在特定的產權合資企業中，管理層表示搭售率介於約 40% 至 70% 以上。

包含 300 多個專用 AI 代理的 Leo Pro，主要用於行銷素材、社群媒體、CRM 活動以及潛在客戶培育。管理層計劃在整個 RE/MAX 網絡推廣 Leo Pro，並預期供 RE/MAX 加盟店東使用的 reZEN 營運平台將於 2027 年第 1 季就緒。

管理層財測

針對 2026 年第 4 季，管理層預期：

針對 2027 全年，管理層發布的財測為：

2027 年展望假設美國成屋銷量將再下滑 5% 至 10%，平均房價將下跌 3% 至 4%。管理層預期調整後 EBITDA 的成長將獲得以下因素支撐：Real 的市占率提升、超過 3,000 萬美元的已實現年度綜效，以及 RE/MAX 營運狀況的改善。

該公司目前預期 2027 年每年調整後 EBITDA 綜效將超過 3,000 萬美元，2028 年將超過 4,000 萬美元，高於原定的 3,000 萬美元目標。現有的 2,800 萬美元年化運作率預計將於 2027 年第 1 季開始以每季約 700 萬美元貢獻，且隨著合約到期，預期還會節省更多成本。

管理層表示，如果房市持平而非處於財測所假設的下滑走勢，調整後 EBITDA 可能達到約 2 億美元。該公司亦設定目標，在 2028 年底前將淨槓桿比率降至 2 倍以下。

風險與關注領域

管理層正為房市又一個艱困的一年做準備，預期成屋銷量將減少、平均價格將下滑，且整體產業經紀人流失率將居高不下。近期房貸利率的上升進一步延後了管理層預期的復甦，並對 One Real Mortgage 造成壓力。

北美 RE/MAX 經紀人的流失仍是一項挑戰，管理層預期短期內不會迅速反轉。此外，整合過程還需要融合具有不同營運模式、文化與流程的組織。

2027 年展望對房屋交易量與價格仍相當敏感。管理層強調，相較於營收與整體市場環境，公司對成本控管措施具有更高的能見度。

分析師問答重點

• 經紀人招募：管理層表示 Real 的招募動能依然強勁，2026 年加入的經紀人人數略多於 2025 年。主要問題在於經紀人退出該產業，而非招募力道減弱。
• 成本節省結構拆解：在超過 4,000 萬美元的年化節省金額中，約 400 萬美元與資本支出或資本化軟體相關，800 萬美元與股權激勵費用相關。剩餘金額則代表有利於調整後 EBITDA 的 2,800 萬美元以上成本節省。
• Leo Pro 採用情況：管理層更新了採用數據，目前約有 5,600 名用戶與 3,500 名付費經紀人。早期使用主要集中在行銷、社群媒體與潛在客戶管理。
• RE/MAX 技術推廣：加盟店東對 Real 的技術抱有高度興趣。Leo Pro 預計很快將在整個 RE/MAX 網絡推出，而 reZEN 則預計於 2027 年第 1 季上線。
• 周邊附屬服務：該公司已開始測試透過 remax.com 獲取房貸潛在客戶名單。管理層形容初期數據令人振奮，但仍過於有限，尚不足以得出明確結論。
• 整合契機：管理層表示看到的綜效機會超乎最初預期，包括 RE/MAX 商業模式的潛在變革以及進一步的成本效益提升。

完整法說會逐字稿

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完整財報電話會議逐字稿

管理層陳述

Operator

Good morning, ladies and gentlemen, and welcome to the Real REMAX Group Earnings Call for the Third Quarter ended September 30, 2026.

[Operator Instructions]

I will now turn the call over to Alex Lumpkin, Chief Legal Officer at Real REMAX Group. Alix, the floor is yours.

Alexandra Lumpkin

Thanks, and good morning. Thank you for standing by, and welcome to the Real REMAX Group Conference Call and Webcast for the Third Quarter Ended September 30, 2026. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer; Jenna Rozenblat, our President; and Ravi Jani, our Chief Financial Officer.

Before we get started, I'd like to remind everyone that statements made on this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements. Many factors could affect future results and may cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

These factors include those described in our earnings release and our SEC filings, including those under the caption Risk Factors contained in our quarterly report on Form 10-Q most recently filed with the SEC. Real REMAX Group assumes no obligation to update these forward-looking statements, except as expressly required by law.

Today's conference call will also present certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. For more information about these non-GAAP financial measures and a reconciliation to the most comparable GAAP measures, please see our earnings release posted on our website.

With that, I'd like to turn the call over to Chairman and Chief Executive Officer, Tamir Poleg. Tamir, please proceed.

Tamir Poleg

Thank you, Alex, and good morning, everyone. Real REMAX Group is a global technology-enabled real estate company built to improve how real estate works for the professionals at the center of every transaction and ultimately, for the buyers and sellers they serve. We attract and retain productive real estate professionals through compelling brands and attractive economics, help them build stronger businesses through differentiated technology and support and expand the products and services available to them and their clients over time.

When we do these things well and execute with financial discipline, we expect to deliver sustainable growth, margin expansion and long-term value for agents, franchise owners, consumers and shareholders. On August 24, we closed our acquisition of RE/MAX, and today marks our first earnings call as a combined company. I want to start with the headline. In just over 2 months, we've made substantial progress, and we believe we're well positioned to deliver strong growth in adjusted EBITDA and substantial free cash flow even if the housing market gets worse before it gets better.

Let me share a few highlights. Third quarter revenue was $728 million, up 28% year-over-year, including approximately 5 weeks of contribution from the RE/MAX business. Adjusted EBITDA was $34 million, up 66% year-over-year. We've already actioned more than $40 million in annualized gross cost savings, including over $28 million in adjusted EBITDA synergies. And we're introducing our initial 2027 adjusted EBITDA outlook of $175 million to $190 million. I want to put that outlook into perspective.

The housing market has been operating near trough levels for the past 4 years. The recent increase in mortgage rates has further delayed the recovery that many, myself included, had anticipated. Beginning in September, we saw an uptick in the number of agents leaving the industry altogether. Real REMAX Group was not immune. Over the past 2 months, we've proactively offboarded more than 1,000 agents, many of whom allowed their real estate licenses to expire or left the industry. That brought Real Brokerage's agent count to approximately 36,200 as of this week. Importantly, these departures were concentrated among agents contributing very little revenue to the business.

So as we look to 2027, we're preparing for another very challenging year. We expect existing home sales to decline, average home prices to fall and for agent attrition across the industry to remain elevated. Even in that environment, we have unique opportunities to create value that don't require a housing recovery. These include organic market share gains at Real, significant cost savings and operational improvements at RE/MAX and continued growth and margin expansion across our ancillary businesses.

Technology will play a big part in that. As an example, last month, we introduced Leo Pro, the next generation of our AI platform with more than 300 specialized AI agents designed to help real estate professionals run and grow their businesses. Historically, reZEN and Leo Copilot primarily helped agents manage their transaction pipeline and back-office functions more efficiently. With Leo Pro, we are taking the next step. We're moving beyond helping agents save time to helping them make more money.

With Leo Pro, we are equipping agents and broker owners with an entire team of AI agents working for them 24/7, helping with marketing, social media, lead generation, market analysis and even communicating directly with clients. These are functions that traditionally required hiring additional staff, paying for multiple software subscriptions or spending hundreds of hours doing the work yourself. With Leo Pro, we can make these capabilities available at a fraction of the cost. And the early response has been very encouraging. Less than a month after launch, we already have over 3,000 agents paying for Leo Pro subscriptions.

We're also thinking about how technology can improve the industry more broadly. Last week, we joined Keller Williams, HomeServices of America and eXp as a founding member of Open Real Estate, a national residential real estate data sharing initiative. The goal of Open Real Estate is to create a more open and efficient way for brokerages to aggregate and distribute listing information, reducing reliance on fragmented systems and giving the industry more flexibility in how that data is used.

We believe agents, consumers and the industry at large benefit when information is more accessible. It's been an exciting 2 months, and I'm encouraged that we're already seeing what this combined organization is capable of.

With that, I'll turn it over to Jenna to walk you through the progress we've made integrating the businesses and where we're focused next.

Jenna Rozenblat

Thanks, Tamir, and good morning, everyone. We've made significant progress since closing with a clear focus on building a more efficient organization while improving the value we deliver to our agents and franchise owners. To date, we've actioned more than $40 million in annualized gross cost savings across operating expenses and capital expenditures, of which more than $28 million represent synergies that directly benefit adjusted EBITDA. These savings reflect actions we've already taken, not simply opportunities we've identified.

A few examples of what we've accomplished. First, we've reduced our combined headcount by more than 14%, which translates to over 150 positions across the organization while simplifying management structures and consolidating overlapping functions. Second, we've begun consolidating technology systems, vendor relationships and other duplicative costs, including expenses associated with operating 2 separate public companies.

Third, we've moved to wind down underperforming businesses, including Motto Mortgage and [ wemlo ] to focus our resources on areas with greater long-term potential. Motto is a good example of how quickly we're moving. At the end of August, the Motto franchise network had 151 offices in operation, many of which were unprofitable. In just 2 months, approximately 69% of the network or, 104 offices have already closed and 92% of the network is now moving towards termination.

We understand these are difficult decisions, but given the legacy RE/MAX mortgage businesses generated a combined $5 million adjusted EBITDA loss in 2025, these actions are necessary to build a more focused, efficient and profitable organization. Looking ahead, we now expect to realize over $30 million in annual adjusted EBITDA synergies in 2027 and more than $40 million in 2028, well ahead of our initial $30 million adjusted EBITDA synergy target. While the initial phase of headcount restructuring is largely complete, we're continuing to identify opportunities to simplify operations and improve efficiency, and we look forward to sharing our progress in the quarters ahead.

Turning to the operating businesses. Our brokerage business, which reflects the legacy Real Brokerage, continued to significantly outperform the broader housing market during the third quarter. Agent count increased 21% year-over-year to 36,600, while closed transaction sides increased 17% year-over-year to approximately 62,700. These results reflect continued market share gains in a very challenging environment. We've been proactive in managing our agent base as industry conditions have weakened and our focus remains on attracting and retaining productive agents.

In our franchise segment, which encompasses the legacy RE/MAX real estate business, third quarter agent count trends were mixed. U.S. and Canada agent count fell 3% year-over-year on a pro forma basis to approximately 72,100 agents, while agent count outside of the U.S. and Canada increased 4% year-over-year to approximately 76,000 agents. While the North American agent count trends remain challenging, I've spent considerable time with RE/MAX broker owners over the past 2 months and one thing has become abundantly clear. The strength of this brand and the passion of the people behind it are extraordinary.

We don't expect an immediate reversal in agent attrition in the franchise business, but our priority is to improve franchise owner economics and help them deliver a more competitive value proposition to agents and the clients they serve. We are also actively working on initiatives aimed at reinvigorating growth across the network and look forward to sharing more as those plans take shape. As Tamir noted, technology is an important part of that effort. We have already begun alpha testing Real's proprietary reZEN software and AI capabilities for a phased rollout to the broader RE/MAX network.

Our objective isn't to force change for the sake of change. It's to give RE/MAX agents and franchise owners tools that help them become more productive, operate more efficiently and ultimately deliver better service to clients. I'm proud of what we've accomplished in our first 2 months, but we are just getting started.

Ultimately, our success won't be measured by cost savings alone. It will be measured by our ability to improve the economics of both businesses, deliver greater value to our agents and franchise owners and return the RE/MAX network to sustainable growth.

With that, I'll turn it over to Ravi.

Ravi Jani

Thank you, Jenna, and good morning, everyone. Our third quarter results include the legacy Real business for the full quarter and the contribution from RE/MAX beginning August 25 following the closing of the transaction. Given this is our first quarter reporting as Real REMAX Group, our reported year-over-year comparisons are not directly comparable to historical stand-alone Real results.

To provide additional transparency, we've included historical quarterly pro forma revenue and adjusted EBITDA by segment, assuming the acquisition had occurred on January 1, 2025, in the investor presentation accompanying today's call. With that context, let me turn to our third quarter financial performance. Consolidated revenue for the third quarter was $728 million, up 28% year-over-year. On a pro forma basis, combined revenue increased 20% year-over-year to approximately $770 million compared with a 2% decline in industry existing home sales transactions in the quarter.

Within our brokerage business, Real continued to gain market share, while our franchise business continues to see attrition in North America. Other revenues, which reflect our ancillary business lines, increased 64% year-over-year to $5.3 million, reflecting growth in Real Wallet and One Real Title as well as contributions from acquired businesses, partially offset by a decline in One Real Mortgage, which was impacted by higher mortgage rates in the quarter.

Turning to profitability. Reported operating loss was $72 million in the quarter compared with the $0.5 million loss in the prior year period. Importantly, this quarter's results include approximately $78.7 million of nonrecurring expenses related to the RE/MAX acquisition, including $52.3 million in transaction-related expenses and severance costs as well as $26.4 million in accelerated stock-based compensation associated with employee terminations.

Reported net loss was $67.2 million compared with a $0.3 million loss in the prior year period. Adjusted EBITDA increased 66% year-over-year to $34 million compared with $20.4 million last year. On a pro forma basis, adjusted EBITDA was approximately $50 million for the quarter. Turning to the balance sheet. We ended September with $109 million of unrestricted cash, cash equivalents and short-term investments. In connection with the acquisition, we established a $550 million senior secured term loan facility and a $40 million revolving credit facility, which remains undrawn.

Given our strong cash flow generation, we made a voluntary $25 million principal repayment during the quarter, reducing our outstanding term loan principal to $525 million as of September 30. We also repurchased $4.7 million of our common shares during the quarter under our new share repurchase authorization. Our capital allocation priorities are clear: investing in higher-return organic growth opportunities, prioritizing debt reduction and opportunistically offsetting dilution within the limits of our credit agreement.

Turning to our outlook. This is the first quarter we're providing financial guidance as Real REMAX Group. We recognize that given the short-cycle nature of residential real estate, it's still quite early to provide an outlook for the full year 2027. However, we wanted to give investors and analysts a baseline for modeling the combined company, particularly given the significant changes to our business following the acquisition.

For the fourth quarter of 2026, we're expecting continued pressure on housing activity, including a high single-digit to low double-digit year-over-year decline in transactions per agent at Real and a low to mid-single-digit year-over-year decline in RE/MAX's North American agent count. Against that backdrop, we expect fourth quarter revenue of $575 million to $625 million and adjusted EBITDA of $32 million to $38 million.

Our 2027 outlook assumes U.S. existing home sales decline another 5% to 10%, bringing transaction volumes to their lowest levels in more than 30 years, alongside a 3% to 4% decline in average home prices. Based on those assumptions, we're introducing full year 2027 guidance of revenue of $2.6 billion to $2.8 billion and adjusted EBITDA of $175 million to $190 million. Despite the difficult market assumptions, we expect strong adjusted EBITDA growth driven by continued market share gains at Real, more than $30 million of annual realized adjusted EBITDA synergies and operating improvements across the RE/MAX franchise business.

For additional 2027 assumptions, we anticipate approximately $100 million in stock-based compensation expense, $40 million to $50 million in depreciation and amortization and approximately $50 million in interest expense. We expect to generate substantial free cash flow with our current plan contemplating approximately $75 million in debt repayment in 2027, while continuing to invest in the business. This would put us well on track toward our goal of reducing net leverage below 2x by the end of 2028. More details on our results and key operating metrics can be found in the earnings release, financial statements and investor presentation accompanying today's call.

I'll now turn it back to Tamir.

Tamir Poleg

Thank you, Ravi, and thank you, Jenna. When we started Real 12 years ago, we had a simple goal, always find ways to make agents' lives better. That hasn't changed. And bringing together Real and RE/MAX gives us an opportunity to pursue that mission on a much larger scale. RE/MAX has spent more than 50 years building one of the most recognized brands in real estate with an extraordinary network of productive agents and entrepreneurial franchise owners, many of whom have built multibillion-dollar businesses.

It pioneered a model that empowered agents to maximize their earnings and build successful enduring businesses. At the same time, the industry has evolved, and we recognize that RE/MAX must also evolve with it. This is where Real comes in. Real brings a modern technology platform, a culture of innovation and collaboration, a lean operating model and a day 1 mindset. Our opportunity is to build on the strengths of both companies, combining RE/MAX's brand, reach and entrepreneurial spirit with Real's technology and innovation to help agents and franchise owners build more successful, more profitable businesses.

We've made meaningful progress in just 2 months, but there's a great deal of work ahead. Change is never easy, and we know we won't get everything right, but we are moving with urgency, making difficult decisions and holding ourselves accountable for our results. To our agents, broker owners and employees across both brands, thank you for your commitment and trust. We believe we're building a company that will emerge from this downturn in an even stronger competitive position.

Operator, please open the line for questions.

Operator

[Operator Instructions] The first question is from the line of Stephen Sheldon of William Blair.

分析師問答

Emma Kozal

This is Emma Kozal on for Stephen. Starting on the Real agent recruiting pipeline, you touched on some attrition following the quarter due to the tougher housing environment. So if we could just walk through what you're seeing with the pipeline there and how that's trending into 2027, that would be great.

Tamir Poleg

Emma, this is Tamir. If we look at the numbers of agents who joined us in 2026 versus 2025, we actually see that more agents -- slightly more agents joined in 2026. Obviously, the biggest problem right now in the industry is the churn, primarily the churn of agents just leaving the industry. And as we mentioned on the call, in the past 2 months, we offboarded about 1,000 agents who just left the industry or did not pay their [ MLS dues ]. We have a list of another 300 to 400 agents that we're looking into. But I think that the most important part is the fact that while agents are churning, we are keeping the production.

So those agents that are churning are either nonproducers or agents that really contribute very little to revenue. So in that sense, I think that we're actually improving our EBITDA and actually taking the right steps when we're offboarding the agents. But as to your question, the pipeline is still strong, and we are bringing in at least the same amount of agents as we did last year, slightly more.

Emma Kozal

Okay. Great. That's helpful. And then following up on the Leo Pro announcement actually coming out of RISE. Can you touch on how traction has been coming out of the conference, both on the Real side and with the RE/MAX franchisees?

Tamir Poleg

Sure. Well, RISE is Real's annual event, and we had Real agents there. RE/MAX's annual event is [ R4 ], and it's taking place in February of 2027. The energy at RISE was amazing. I think that all of the agents, all of the participants just came out of the conference very energized, very assured of their decision of being here. You know that it takes time for agents to make a decision about switching brokerages, but we definitely see a traction momentum, and I believe that it will translate into more agents joining in the next few weeks and months.

But the energy is definitely there and the excitement and also the anticipation of more and more innovation and value that we will be pouring into our agents. So great confidence, great outcome, and we will probably see that in the numbers in the next few months.

Operator

The next question is from the line of Naved Khan of B. Riley.

Naved Khan

A couple of questions from me. Maybe just on the legacy React side -- Real brokerage side. Maybe just talk about the attach rate for Title mortgage. I think you gave us the revenue, but just talk about what the individual attach rates for those to look like. And then on the combined business, I think you called out $40 million in run rate cost synergies have been actioned. But the benefit to EBITDA seems like it's on a run rate basis, $28 million. Maybe just unpack for us the flow from cost savings into EBITDA line.

Tamir Poleg

Sure. I can take the first part. Naved, thank you for the question. There is no real change in attach rate from previous quarter. So on mortgage, we're talking about less than 1% even though there's a lot of momentum of agents that are joining or expressing their desire to send their contracts or their clients to One Real Mortgage. We have a lot of agents in the pipeline getting licensed as loan officers. So we believe that this will translate into revenue quite soon. But again, a lot of excitement there.

On the title side, we're talking about attach rates around 3% as previously, and we are starting to have a lot of conversations both with existing Real teams, but also on the RE/MAX side, both for One Real Title and One Real Mortgage. So the potential to unlock an even bigger network is definitely there, and it will take a little bit of time to materialize. Jani, you want to talk on the -- you want to address the synergies?

Ravi Jani

Yes, sure. Thanks for the question, Naved. So you're correct. We've actioned more than $40 million in cost savings in the first 2 months. Of that amount, approximately $4 million relates to CapEx or capitalized software synergies and another $8 million relates to stock-based comp. So those 2 would not flow through to adjusted EBITDA. That's how you get to the $28 million of annual cash savings that do flow through to EBITDA. So that's the bridge.

Naved Khan

Understood. And then maybe just a clarification on the attach rates that you gave, Tamir. So I think you expanded the participation in the title JVs in some states over the summer. When should we start to see a tangible benefit of that? And then of the agents that are participating in these JVs, what kind of volume are you able to draw into the JVs versus something that still might be going a different route?

Tamir Poleg

Yes. I think that over time, we will see more and more participation and attach rates going up. In terms of the JVs, as before, we're seeing participation rates or attach rates of, in some cases, 40%, in some cases, higher than 70% within those JVs. As of earlier this week, we have -- we started implementing some things on the remax.com side to try and experiment with sending leads to One Real Mortgage and just to see how that converts, and we're actually seeing encouraging data there, but still too little to actually draw any conclusion from. But yes, it's, kind of, an ongoing effort, and we're doing the right things.

Operator

The next question is from the line of Matthew Erdner of JonesTrading.

Matthew Erdner

I'd like to, kind of, touch on the synergies for next year. When should we expect those to flow through? Is it going to be somewhat of an even pace throughout the year? Or are there certain contracts that will, kind of, be canceled, call it, later in the year, earlier in the year? What's the expectation there?

Ravi Jani

Yes. Thanks for the question, Matt. As we said, we're at $28 million today. So you'll start to see that $7 million quarterly run rate begin in Q1, and then we said over $30 million for the year. So it will tick up sequentially as the year progresses. You're correct. Some of it relates to contracts that will be expiring over the course of the year. So that's how it will inch up over the course of the year.

Matthew Erdner

Got it. That makes sense. And then you mentioned that 3,000 agents were on Leo Pro. I'm curious on the feedback there in terms of their productivity, how they're, kind of, utilizing the tool and just their overall thoughts on the new release.

Jenna Rozenblat

I can actually jump in and speak to that. And then Tamir, feel free to fill in any additional details. I think the feedback has been overwhelmingly positive. We got to be with a lot of the agents at RISE, announced to them live and so many people kept coming up just saying this is going to be so big to my business, right?

It's really impactful both in the marketing side and then even operationally in a lot of the day-to-day where it's allowing them to free up their time so they can focus on the relationship side of the business, which is at the core of it all. So really great initial feedback that we're seeing from agents overall.

Tamir Poleg

Thanks, Jenna. Matt, we have approximately 5,600 agents using Leo Pro and about 3,500 agents paying for it. So just within a couple of weeks, we have substantial amount of agents paying, and we are going to open or offer Leo Pro to the entire RE/MAX network very soon. So you can see those numbers going up then.

The main usage of Leo Pro right now that we're seeing is creating marketing materials, social media posts and working their CRMs. So just nurturing their leads. And we're seeing great conversion for our agents in terms of scheduling appointments for them, listing agreements and also just nurturing buy-side leads.

Operator

The next question is from the line of Nick McAndrew of Zelman & Associates.

Nick McAndrew

Just curious now that you've had a couple of months, kind of, operating as a combined company, just are there areas where you're seeing more opportunity in the combined business than you originally anticipated? Or just any areas where your priorities just have evolved as you've gotten deeper into the integration?

Tamir Poleg

Thanks, Nick. I think that we did a lot of due diligence prior to signing the deal, and we know exactly what the business looked like. Obviously, when -- post closing, you have a full visibility and you're running the business and you know exactly where things are. I think that we're more excited than before. I think that there are more opportunities to evolve the business model on the RE/MAX side. I think that there are ways to reinvigorate growth and just reenergize that brand. So we're excited about that.

Other than that, I'm very happy with the progress that we've made on integration and the cost cutting. We think that, obviously, as we communicated, there are more synergy opportunities than we previously thought, and that will translate into more cost savings and just more EBITDA. But yes, I mean, I think that we're more excited than before.

Nick McAndrew

Yes, that's helpful. And I guess just going off of that, can you talk about maybe just some of the conversations you've been having with RE/MAX owners and agents since the merger closed, maybe specifically about just what parts of the broader platform are generating the most excitement for RE/MAX agents? And maybe how has that feedback shaped your thinking around just like the reZEN rollout as well?

Tamir Poleg

Sure. So a few weeks ago, we announced that Alex Vidal is coming in as the President of RE/MAX. And Alex, just within a few weeks, managed to generate a lot of excitement and energy around the RE/MAX network. He's traveling the country. He's talking to a lot of broker owners, a lot of agents. And I think that there's just a renewed energy around the brand and within the network, and that's great because energy is contagious. And if you want to grow, you need that type of energy and Alex brings exactly that.

The main point that most of the broker owners have been talking to us was around technology and what we can offer them. Obviously, historically, there's been a lot of disappointment with what RE/MAX has been offering their agents and brokers. But the fact that we have mature technology that is serving the Real side on the brokerage side gives them a lot of confidence that this is proven technology that can help them run better businesses and eliminate a lot of their overhead and costs. So they're excited about the technology.

As I mentioned, within a few weeks, we want to roll out Leo Pro for the entire RE/MAX network. And then reZEN, our operating platform for the broker owners will be ready at some point in Q1 2027. So we're working very hard to deliver that. But I think that once that's in place, we will be able to help a lot of the broker owners with some of their struggles around profitability and just managing their roster and freeing up their time to focus on agent attraction and also teaching their agents on just how to sell more even though they're already extremely productive.

Operator

There are no further questions at this time. I will now turn the call back to Ravi Jani, CFO, for closing remarks.

Ravi Jani

Thank you, [ Connor ]. So now that we've completed the analyst Q&A session, we'd like to address a few of the questions submitted through our Say Technologies shareholder portal. We received some great questions this quarter, and so we appreciate everyone who participated. First question for Tamir. What is the biggest challenge post merger? And how are you addressing it?

Tamir Poleg

Yes. Thank you for the question. Before addressing it, I want to acknowledge that we have many Real and RE/MAX brokers and agents with us on the call today. And our brokers and agents are operating in an industry that is facing strong headwinds and they're winning. They provide excellent service to their clients. They grow their market share in every market. They build great businesses even in this tough macro environment, and I'm just proud to be in business with them.

To the question, I think that the biggest challenge is bringing together 2 very different organizations and making sure we move with the speed and urgency that this opportunity requires. Real and RE/MAX have complementary strengths, but they also have different operating models, cultures and ways of doing things. Our job isn't simply to put the 2 companies together. It's to take the best of both, simplify how we operate and build a much stronger value proposition for agents and franchise owners.

We've made significant progress in just 2 months, including actioning more than $40 million in annualized cost savings, but the more important work is ahead. It's modernizing the technology. It's strengthening the franchise model and making it easier for real estate professionals who depend on us to build successful businesses. And we're approaching this with urgency with clear accountability and a willingness to challenge how things have historically been done.

Ravi Jani

Thanks, Tamir. The next question for you. As a founding member of Open Real Estate, how will this benefit Real and RE/MAX agents and franchisees? And what is the expected impact on listing exposure or data or ancillary revenue opportunities?

Tamir Poleg

Sure. So Open Real Estate is an exciting initiative. We joined Open Real Estate because we believe the industry would benefit from a more open, transparent and competitive approach to how real estate data is distributed. As one of the largest real estate platforms in the world, we think that it's important that Real REMAX Group have a seat at the table in shaping how that ecosystem evolves.

It's still very, very early, and I don't want to get ahead of the initiative or speculate about specific products, economics or revenue opportunities. But strategically, we see the potential to create more -- a more efficient marketplace that ultimately benefits agents, broker owners and consumers. And that's why we're excited to be involved.

Ravi Jani

Great. Thanks, Tamir. Last question for Jenna. Are you planning to offer all of the tech and ancillary services to other agents and new agents as part of the package for signing up with Real REMAX Group?

Jenna Rozenblat

Sure. So one of the biggest opportunities in bringing these 2 companies together is expanding the tools and services available to our agents and broker owners. But we're not really thinking about this as a single bundled offering. On the tech side, we're planning to make reZEN and Leo Pro available across the network in the coming months, which will give many more broker owners and agents access to tools that can really help simplify their operations and help them grow their businesses.

On the ancillary side, we're approaching each opportunity a little differently. For example, our Real Originate program is already open to agents from any brokerage who wants to become licensed mortgage loan officers and build additional revenue stream. In Title, we recognize that many of our broker owners have established joint venture partnerships. And so we're exploring ways to complement those existing relationships rather than disrupt them.

And we're already seeing opportunities on the consumer side. Leo is now capturing mortgage leads through remax.com, which is an early example of how we can leverage our digital reach to create additional opportunities across the ecosystem. So rather than creating or committing to one package, our focus is really on bringing these capabilities together thoughtfully with the flexibility for different business models and needs across our network.

Ravi Jani

Thanks, Jenna. We just received one last question, which I'll take. There are industry estimates for 2027 purchase mortgage growth that are generally around flat. Real's -- Real REMAX Group's estimate for existing home sales is down 5% to 10% and then 3% to 4% on average home sale prices. There's a huge gap between industry estimates and what we are forecasting. Can you provide some sensitivity to your numbers around these industry growth scenarios?

So thank you for the question. And I think we want to be prudent in our outlook and not plan for a recovery. So we have more visibility into our cost actions than into the top line and market environment. We believe that if the market were flat as others are estimating, our adjusted EBITDA would likely be in the $200 million range. But based on the macro assumptions we've put out in our forecast, we are expecting the range of $175 million to $190 million that Tamir and I referenced earlier in the prepared remarks.

So with that, I want to thank everyone for joining us today for your continued interest and support. We're obviously excited about the opportunities ahead, and we're focused on executing against the priorities we've outlined today. With that, we look forward to updating you on our progress next quarter.

[ Connor ], I'll turn it back over to you to conclude the call.

Operator

A replay of this call will be available on the Investor Relations section of our website within 24 hours. This concludes today's call. Thank you for attending. You may now disconnect.